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Financial Terrorism

My blogpost of 17th July 2012 about the book that Bapu (Aniruddhasinh) gifted me, mentioned the article ‘Financial Terrorism’ written by Bapu (Aniruddhasinh) for the Marathi weekly, ‘Lokprabha’ (issue dated 22nd August 2003). A comment from one of my friends includes a request to make the article available. So here is the English translation of the article:

In the Marathi folklore there is a popular rhyme (somewhat on the lines of a limerick), that urges the rain to come, on the promise of giving it money; the money proves to be virtual, and yet the rain poured heavily.

Even today, one comes across little children singing this rhyme with the same intensity that the children of yesteryear did. However, one equation in the rhyme that is difficult to figure out is, how is it that the rain gets charmed by the virtual money, money that is actually materially non-existent and gives such an abundant response? Not only that, the question that gradually grows on one’s mind is what exactly is virtual money? It is precisely this ‘reverse equation’ that has, today, become the key to the arithmetic of global finance. This realization has dawned on many social scientists and economists over the past three decades. How many of us, today, are aware of the horrifying fact that, in time to come, ‘virtual’ money will be the real money and real money will cease to exist? Here, I am not at all referring to black money and white money. The thought that has been going on in my mind is about the very existence of currency. Globalization has virtually condensed the world into a tiny village and it is in this context that the question arises as to whether poor and weak nations will be able to sustain their independent existence. Whether, at the bare minimum, they will be able to survive, has indeed become the most vexing question. Although it is high time that we addressed this issue, we find it more convenient to look the other way. This is indeed most unfortunate and can have destructive consequences in time to come.

My blogpost of 17th July 2012 about the book that Bapu (Aniruddhasinh) gifted me, mentioned the article ‘Financial Terrorism’ written by Bapu (Aniruddhasinh) for the Marathi weekly, ‘Lokaprabha’ (issue dated 22nd August 2003). A comment from one of my friends includes a request to make the article available. So here is the English translation of the article: [divider] In the Marathi folklore there is a popular rhyme (somewhat on the lines of a limerick),